Currenc Group (NASDAQ:CURR) Stock Price Down 5.1% – Should You Sell?

Shares of Currenc Group Inc. (NASDAQ:CURR) dropped 5.1% during mid-day trading on Thursday . The stock traded as low as $3.14 and last traded at $3.34. Approximately 295,650 shares changed hands during trading, an increase of 233% from the average daily volume of 88,889 shares. The stock had previously closed at $3.52.

Analysts Set New Price Targets

Separately, UBS Group assumed coverage on shares of Currenc Group in a research report on Wednesday, June 24th. They issued a “reduce” rating on the stock. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Sell”.

Currenc Group Price Performance

The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.25. The company has a 50 day simple moving average of $3.05 and a 200 day simple moving average of $2.66. The stock has a market cap of $255.88 million, a P/E ratio of -11.13 and a beta of 0.14.

Institutional Investors Weigh In On Currenc Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC bought a new stake in Currenc Group during the 4th quarter worth about $31,000. XTX Topco Ltd grew its holdings in shares of Currenc Group by 66.5% in the 4th quarter. XTX Topco Ltd now owns 42,104 shares of the company’s stock valued at $75,000 after acquiring an additional 16,821 shares in the last quarter. Two Sigma Investments LP bought a new position in shares of Currenc Group in the 3rd quarter valued at about $100,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Currenc Group in the 1st quarter valued at about $152,000. 56.01% of the stock is currently owned by institutional investors and hedge funds.

About Currenc Group

Currenc Group, Inc engages in operating a fintech banking platform. It operates through the following segments: Remittance Services, Sales of Airtime, and Other Services. The company is headquartered in Singapore.